For those of you who are employed in the personal injury profession, conducting a thorough asset search is critical in protecting yourself from a potential lawsuit from your own client someday. Many times there may be insufficient insurance to make your client whole. Before you settle their claim, a quick asset search can satisfy your “due diligence” to ensure that there are not additional assets that are readily available to attach or secure a judgment on behalf of your client when insurance falls short. This article deals with why it is imperative to conduct an asset search from a reputable asset search company in order to satisfy your due diligence on behalf of your client regarding the above-mentioned.

Personal injury attorneys are the group most susceptible to a lawsuit by their clients if they fail to satisfy their due diligence by conducting an asset search on behalf of their client who was injured. If the insurance coverage is insufficient or unknown to satisfy the damages in your case, the Plaintiff’s attorney has an obligation to his or her client to at least recommend that an asset search be conducted to determine if there are additional assets that the defendant owns that can be attached to satisfy and compensate the client for their injuries. The client must be informed as to what an asset search provides, how much it costs, and how it could be beneficial to their case.

Most asset searches cost between $ 165 to $ 350. So the cost is minimal compared to the gravity of your client’s injuries. At Asset Searches Plus, Inc., www.assetsearchesplus.com , for example, a nationwide asset search on an individual costs $ 185 per subject and a corporate asset search costs $ 165. If the client is unwilling to pay this cost for the search, then the attorney has covered their butt. This can speed settlement negotiations with the client as well when the client asks if there is any way that they can receive more you can show them. Another uptake is that since there is usually a contingent fee agreement in place, the more the client can recover the more the attorney will be paid for their services. Lesson to be learned is that it makes prudent sense to conduct a search as part of your routine practice.

Moreover, since most asset searches provide not only assets but also include the liabilities of your subject, the attorney and their client are able to discover at the outset of their case whether it would be cost effective to bring a lawsuit against the defendant personally in addition to seeking a claim against the insurer. These liabilities include, but are not limited to; state and federal tax liens, bankruptcies, uniform commercial code liens, judgments and other lawsuits. Even if your subject has assets, their liabilities may far exceed any assets. So it pays to look before you leap.

And aside from locating a person’s real estate, recent deed transfers, automobiles, aircraft, watercraft, patents, trademarks and professional licenses, a thorough asset search will also provide what entities are associated with your subject that could also be holding assets. Entities such as trusts, limited partnerships, and corporations. More important, if title to the assets is held jointly with another party, their identity will be revealed as well.

Finally, asset searches today can provide a wealth of information on a subject other than what their assets and liabilities are all about. They can provide a correct and verified address and phone number of your defendant, as well as information on whether your subject is in the armed services; who they are employed with; whether they are a director or officer of a publically traded company; civil or criminal records; driving records; family members and neighbors and the geo-economic surroundings of the subject.

These are just of a few of the many good reasons to conduct an asset search and in doing so, you have CYA and have added value to your client’s case while at the same time, eliminated potential headaches.

The information revealed by a comprehensive, nationwide asset search will offer valuable insight into the assets and liabilities of an individual or business and enable hiring, collections or merger teams to make smart choices that could save them time, resources and money. This article will tell you why a company or business needs to conduct asset searches.

1. Collection of Debt

For businesses, especially for small business entities, the collection of debt is very important to maintain the liquidity and solvency of their company. However, due to the fluctuating health of the economy, it has become critical for companies to collect debt that is owed to them in a timely and more cost-effective manner. With the help of asset search companies, businesses have been able to recover tens of thousands of dollars that would otherwise still be owed by non-paying clients. If you are the owner of a business or company that is suffering financially because customers are ignoring invoices, telephone calls, and correspondence regarding their past due accounts, the best step to take is to conduct an asset search to see if there are any assets to reach and apply or attach. An asset search will provide both the assets and liabilities of the subject debtor. Once you receive the asset search report by email, you and your attorney can decide whether there is anything of value to obtain from the debtor and proceed with the appropriate course of action. Remember,” if there is nothing to obtain, there is nothing to gain.” Under most circumstances, an asset search will provide you with the necessary information to attach assets or to aid in the decision making process of whether to pursue or settle a claim, before you spend a lot of money on legal fees.

2. Pre-litigationInvestigation

It is imperative for a business to conduct an asset search before filing a lawsuit. The ultimate success of a lawsuit depends on whether the debtor is able to pay. You don’t want to waste a lot of money in attorney fees and your precious time only to find out that the judgment is nothing more than a meaningless piece of paper because the defendant has no money or other assets to satisfy the judgment. An asset search determines whether it is financially worthwhile to file a lawsuit. You want to ensure that the debtor has sufficient assets and minimal liabilities to satisfy the judgment so that you win the battle as well as the war.

Second, attorneys can also gather critical information from an asset search report to gain significant leverage during pre-litigation negotiations and post-litigation discovery. That leverage enables the plaintiff to make an appropriate demand or decide not to proceed forward with litigation. If there is nothing to gain, there is no need to invest an exorbitant amount of time and capital for a lawsuit.

Last but not least, if you ever decide to file a lawsuit, you have to determine who to sue. If both an individual and a business are involved in the claim, an asset search will be invaluable to determine whether to sue the business or the individual or both because the search will identify who has sufficient assets, and from whom you will have a higher likelihood of recovering your damages. The asset search will also give you the correct name and address to aid you in preparing your complaint.

3. Due Diligence Before A Major Business Decision

If you are contemplating a business merger or acquisition with another company; or if you are bringing in a new investor or a key employee; or if you are investing in another business entity, you definitely want to know more about the players involved. “Word of mouth” or the information you get from Google is usually insufficient. A thorough, nationwide asset search can help you analyze the health of a company or the background of an individual by identifying existing assets and liabilities of your subject such as what they own and what they owe, in reference to

real estate and other personal assets together with the liabilities that are associated with your subject, such as, lawsuits, bankruptcies, state and federal tax liens, uniform commercial code filings and state and federal criminal records. For as little as $165.00 on a business asset search, and $185.00 for an individual search, satisfying your due diligence has never been easier or less expensive.

Asset Searches Plus, Inc. is a lawyer owned asset search company operated by experienced attorneys since 1994. For over 20 years, Asset Searches Plus has helped thousands of companies make smart and well-informed business decisions. We offer reliable, quick and affordable asset search services. The turnaround for an asset search is one (1) to three (3) days. For additional information, please contact us at 1(800)290-1012 or visit our website at www.assetsearchesplus.com . Our staff attorneys will be happy to answer any questions that you may have.

]]>http://www.assetsearchesplus.com/conducting-company-asset-searches/feed/01293Missing Person Searcheshttp://www.assetsearchesplus.com/missing-person-searches/
http://www.assetsearchesplus.com/missing-person-searches/#respondMon, 17 Jul 2017 13:43:38 +0000http://www.assetsearchesplus.com/?p=1289Prior to the use of the Internet, locating a missing person was not a simple task. One would have to hire a private investigator or actively set out to find the person. However, now, with the use of missing person locate companies, most of which can be found online, this task is no longer a difficult one.

Every day, people across the U.S. go missing. Many do so intentionally in hopes to escape an obligation or a trouble such as paying child support/alimony, paying a debt, or to avoid law enforcement agencies/court systems that they are wanted by. Others may just appear to be missing, as they may have lost touch over years passing by. Regardless of the nature, it is possible for missing people to be found.

Some of the most common subjects that missing person locate companies search for include:

Debtors

Witnesses

Heirs

Business associates

Past employees

Old clients

Husbands/Wives

Friends…and more.

A missing person locate search is usually inexpensive. At Asset Searches Plus, Inc., for example, a nationwide missing person locate search costs $125.00 and the results, which usually include a name, address, and phone number, are provided 1-2 business days from the day your request is received.

At least some of the following information should be included on your search request, in order for a search to be conducted:

Full name

Last known address

Last known city and state

Date of birth

Social Security #

Estimate of person’s age

The more information provided, the higher the likelihood of the subject being found. If a first and last name is all that is given, and the search yields multiple matches, a list of those people with their names, addresses, and phone numbers will be provided in the report. If more information, such as a date of birth and social security number, are provided, the subject may be found in a more timely manner and the results will most likely be more specific.

If used properly and if conducted by a reputable asset search company, asset searches can be used as a valuable tool in divorce. Before you enter into discovery, or accept your adversary’s financial statement, shouldn’t you be certain that all assets are declared? What happens to an attorney who fails to inform the client that they could have conducted an asset search to uncover assets, either unidentified or incorrectly identified? Most asset searches cost less than $300.00. At Asset Searches Plus, Inc., for example, a nationwide asset search costs $185.00 for an individual subject and $165.00 for a corporate entity. At the very least, shouldn’t the client be given the opportunity to pay for and conduct a search just in case there are additional assets or entities associated with the opposing party? If the client refuses, the attorney is protected. If the client agrees to conduct the search, then the attorney has satisfied their “due diligence” by conducting a nationwide asset search, which may very well reveal additional assets that can be divided. In addition, where the subject may be concealing assets, such as through family trusts, partnerships or the like, the asset search report will provide a road map for the attorney.

A thorough asset search also provides any liabilities associated with the subject, such as lawsuits, bankruptcies, state and federal tax liens and uniform commercial code filings. These searches usually take 1-3 days to conduct. Detailed reports are then emailed to the attorney to share with their client. Upon receipt, an informed decision can be made by counsel with how to proceed. Remember, “if there is nothing to obtain, there is nothing to gain.” If after reviewing the asset search report, it can be reasonably established that the opposing party has declared all assets, then the client can have peace of mind knowing that nothing has been inadvertently concealed. Under most circumstances, asset searches verify the following: (a) The subject’s full name and address; (b) Driver’s license information; (c) Real estate; (d) Motor vehicles; (e) Watercrafts; (f) FAA certifications and aircrafts; (g) Professional licenses; (h) Bankruptcies; (i) Liens and judgments; (j) UCC filings; (k) Corporate entities associated with the subject; (l) Voter registration information; (m) Sexual offenses; (n) Employment information; and (o) State and federal criminal records. The only information that is usually needed from the attorney or client is the subject’s name and last known address, which can be filled out online or on an order form, which can be faxed and mailed to your office. Finally, when choosing an asset search firm, make sure to ask the following questions: 1.) Does the firm have attorneys on staff that understand why you need the information and generate reports that are most useful for the family law attorney and their client? 2.) Do they only use “legal” and reliable sources and methods to conduct their searches? 3.) Does the firm stand behind the quality of their work? 4.) Does all work remain confidential? 5.) Does the firm provide a professional looking report that you will be eager to share with your client?

For additional information, please contact us at 1(800)290-1012, or at edamaral@assetsearchesplus.com or www.assetsearchesplus.com.

When looking to conduct an asset search, it is important to carefully choose a qualified asset search company to assist you. The internet has become second nature for the majority, making it easy for someone to create a website that could potentially scam you or provide invaluable information. Therefore, it is important to research the company that you are using to make sure it will give you the results you are seeking.

The time that a company has been in business can tell you a lot about their experience. More likely than not, a company that has been in business for 10+ years will have already learned the do’s and dont’s regarding how the business functions, as opposed to a company that has just started. You should be sure to ask any potential asset search provider this question.

It is also important to choose a company that is knowledgeable in more than just providing the results, but giving you advice on how to interpret and implement them. Companies with attorneys on board can give you a basic roadmap as to how to go about using the report that you are given, whether it be to satisfy a judgment, recover unpaid child support or validate a party’s financial statement.

Convenience is another key point to consider. A company with an easy to use website, helpful customer service, and a small turnaround time is beneficial when trying to get results quickly. They should be able to accommodate you if you do not have access to a computer.

Finally, you should ask yourself these questions before choosing an asset search company:

1.) Does the company only use “legal” and reliable sources and methods to conduct their searches?
2.) Do they stand behind the quality of their work?
3.) Does all work remain confidential?
4.) Do they provide a professional looking report that you will be eager to read or share with your client?

If the company that you are considering meets these expectations, it is safe to say that you have made a great choice.

When choosing a new business partner or vendor for your company, shouldn’t you be fully aware of their financial health? Also, when proceeding with a lawsuit, isn’t it important to verify if the subject has sufficient assets or outstanding liabilities to decide whether it is even cost effective to proceed with an action?

By conducting an asset search, which includes a judgment, lien and bankruptcy search, you can find out the necessary information to make important business decisions quickly and affordably.

At Asset Searches Plus, Inc., our online records search will help you uncover a plethora of valuable information for $185.00 and the detailed report will be emailed to you within one to two (1-2) business days, including, but not limited to, the following:

• Real estate and deed transfers

• Mortgage information (when available)

• Federal and state tax liens and encumbrances

• Uniform commercial code liens (UCC Filings)

• Lawsuits

• Motor vehicle and registration information

• Watercraft

• Aircraft

• FAA pilot license information

• Professional licenses held by subject

• Bankruptcies

• Judgments

• Associated businesses with subject

• Current addresses and phone numbers

• Voter registration information

• Concealed weapon permits

• A/K/A’s and D/B/A’s of the subject

• Criminal records

• Sexual offender records

• Neighbors and relatives

The only information that is usually needed from you is the subject’s name and last known address, which can be submitted online, at www.assetsearchesplus.com, or you may download a search request form from our home page and email/fax the same to our office.

If you do not have access to a computer, please call us and we will forward a search request form to your attention by mail, fax or email.

]]>http://www.assetsearchesplus.com/judgments-liens-bankruptcy-searches/feed/01276Due Diligence and Conducting An Asset Searchhttp://www.assetsearchesplus.com/due-diligence-and-conducting-an-asset-search/
http://www.assetsearchesplus.com/due-diligence-and-conducting-an-asset-search/#respondMon, 19 Jun 2017 14:01:10 +0000http://www.assetsearchesplus.com/?p=1271Any attorney that handles personal injury cases will be the first to tell you how important it is to conduct an asset search before settling a case for the insured’s policy limits, especially when the damages or injuries to the client exceed that amount. If the attorney fails to conduct the asset search on behalf of their client or fails to at least ask the client if they are willing to pay to conduct the asset search, the attorney or law firm could be on the hook if the client discovers additional assets that their attorney could have or should have attached in addition to any recover from an insurance company that was obtained, to “fully” make their client whole.

For as little as $ 185.00 per individual, an attorney can order an asset search online and receive the results in one to two business days by email. All that is needed to conduct an asset search is the subject’s name and last known address. The asset search reports will deliver a treasure trove of information on the subject searched, including, but not limited to, any real estate that the subject may own or recently transferred, mortgage information, boats, aircraft, motor vehicles, patents, professional licenses, trusts, liens, bankruptcies, other lawsuits involving that subject, criminal records, sexual offender information and any associated businesses with the subject, and more.

If the subject owns a business or trust or other corporate entity, a business asset search can also be conducted to identify assets held under the name of the business on behalf of the subject. The average cost for a business asset search is $ 165.00. All that is needed to conduct the business asset search is the name of the business and last known address of the subject or city and state of the business. Again, the results of the search are returned in a few days.

To find out more information about how you can conduct an asset search today, please visit our website at www.assetsearchesplus.com or download our ebook entitled “ Guide to Conducting Asset Searches,” by clicking here.

Many people still have the wrong impression that if a debtor dies, their debt dies with them. Not quite true. Debt does not necessarily vanish when the debtor dies.

The short answer is every creditor will get paid, in full, even when the debtor dies, so as long as the deceased person has enough assets to satisfy all the debts and an action for collection is commenced within one year from the date of death, usually, depending on the state.
When an estate is probated, the first job for the executor or personal representative is to do a complete inventory of the deceased person’s assets and liabilities. After satisfying all the liabilities from the remaining assets, the executor or personal representative will distribute the remaining assets to the beneficiaries or heirs.

Debts are paid according to priority, with the secured debt being paid first. Secured debt, for example, is when the creditor has a lien or mortgage on the asset in question. The unsecured debt is usually paid last after funeral expenses, administration cost, and taxes are satisfied. If your debt is unsecured and ends up at the bottom of the list, chances are that your debt obligation may be uncollectable. What’s worse is that you cannot go after the executor, or the personal representative, or the heirs, unless they are personally liable for the debt.

Sometimes the deceased person may have tried to put assets into a trust or other hard to find entities or they could have intentionally tried to conceal assets before they died. In addition, the executor or personal representative may not be aware of this and may not have properly satisfied their “due diligence” by identifying all the assets and liabilities by conducting an asset search through a professional asset search company.

In either case, some assets of the deceased were not discovered and identified. Had the hidden or hard to locate assets been uncovered, there would have been sufficient assets to satisfy the debt owed to you. Therefore, it is highly recommended that unsecured creditors conduct an assets search on the deceased person to ensure that all of the assets are identified and sufficient to satisfy the debt owed to you.

Likewise, it is equally important for secured creditors to conduct an asset search because their priority lien(s) may coincide with the attached asset and the value thereof at the time of collection. If the value of the asset turns out to be lower than the value of the debt, the deficiency is seen as an unsecured debt and will face the same risk of being an uncollectable debt.

An asset search conducted by a professional asset search firm can also alert creditors in determining whether a creditor has died and when. The search will also satisfy the creditors own due diligence in locating all of the assets and liabilities of a decedent within the statute of limitations so that a decision can be made as to whether good money should be spent on further collection proceedings.

The cost of an asset search on a deceased person is usually under $ 300 and at Asset Searches Plus, Inc., www.assetsearchesplus.com, for example, the cost for a nationwide asset search is only $ 185.00 for an individual asset search. The turnaround time is usually 1 to 3 days and your own due diligence will have been satisfied by conducting the search.

Asset Search services are one of those areas that most people know little about until they need them. For years personal injury attorneys have conducted asset searches to satisfy their due diligence in determining the nature of a defendant or potential defendant’s assets and liabilities- who is at fault for a motor vehicle accident or other tort. They are aware that a defendant’s insurance may not be sufficient to satisfy the damages that their client has sustained as a result of someone else’s negligence.

When there is insufficient insurance coverage, both the attorney and client must decide weather to go after the defendant’s personal assets such as their real estate, boats, cars, planes and so forth. The way to determine the scope and nature of these assets, for attachment purposes, is to conduct an asset search. An attorney’s failure to adequately inform their client that they may be entitled to compensation above and beyond the defendant’s insurance coverage may be grounds for malpractice.
Therefore, the majority of personal injury attorney’s conduct and asset search if they believe that the insurance available is or may be insufficient. At the very least, the attorney will satisfy their due diligence by recommending that their client order and pay for an asset search and if they decline, then the loss of remuneration due to the client will be the client’s own doing and not that of their attorney.

Likewise, prudent Divorce attorneys have long used asset searches to verify financial statements submitted in a divorce or modification proceeding and have used them as an informative tool when conducting discovery. They realize that reluctant spouses tend to be more responsive in disclosing their assets when confronted with discovery tools such as interrogatories, production of document requests or deposition questions gleamed from detailed and specific information obtained in an asset search. They also realize that assets of a spouse can be concealed or hidden after a divorce is filed and that conducting an asset search before and after a divorce is filed is essential in prosecuting an action and protecting both their clients and their children’s best interest.
Therefore, timing can be very important as to when you should conduct an asset search. Some states even have laws allowing your attorney to attach a potential defendant’s assets at the very beginning of a case if you have a substantial likelihood of prevailing with your lawsuit. Moreover, litigating a case and using competent attorneys can be expensive, so you want to make sure there is a pot of gold at the end of the rainbow. If the defendant does not have sufficient assets or their liabilities exceed their assets, then a lawsuit is a waste of time and money. For usually less than a few hundred dollars, an asset search will reveal a subject’s assets at the outset of a case as well as disclose a subject’s liabilities such as with existing state and federal tax liens, uniform commercial code liens, bankruptcies and other pending lawsuits. For example, at Asset Searches Plus, Inc., www.assetsearchesplus.com , the cost of a nationwide asset search is only $ 185 and includes both assets and liabilities and the reports are forwarded to you in less than a few days. Compared with the cost of litigating a lawsuit which can run into the tens of thousands of dollars and take years to litigate, the cost of conducting an asset search is short money and well worth the time and effort.

]]>http://www.assetsearchesplus.com/when-and-why-do-you-need-an-asset-search/feed/01265Probating an Estate and uncovering assetshttp://www.assetsearchesplus.com/probating-an-estate-and-uncovering-assets/
http://www.assetsearchesplus.com/probating-an-estate-and-uncovering-assets/#respondTue, 30 May 2017 13:34:25 +0000http://www.assetsearchesplus.com/?p=1259The individual (or bank or trust company) that is appointed to settle the estate of the testator under a will is called an executor or personal representative. If there is no will, a person, usually a family member, will be appointed to deal with the decedent’s estate, and the appointed person is called an administrator. Whatever the label is, the person has the duty to gather and identify the estate’s assets and manage and distribute them according to the decedent’s wishes.

A deceased’s estate consists of whatever he/she owned at death, such as businesses, bank accounts, stocks, bonds, mutual funds, retirement accounts, pensions, real estate, timeshares, automobiles, boats, aircraft, patents, trademarks, and life insurance proceeds. Before distributing these assets to the beneficiaries under a will, or the heirs under the intestacy law, the executor or administrator has to collect all the assets the deceased owned, and pay off the liabilities that the deceased owed. Therefore, a complete list of the deceased’s assets and liabilities is a prerequisite to fulfill the duties as an executor or administrator.

However, due to lack of expertise and access to this crucial information, executors and administrators often feel frustrated when they are trying to locate the deceased’s assets, and unveil their outstanding liabilities. Therefore, hiring a professional asset search company is the best and most cost efficient way to locate and uncover assets and liabilities in a timely manner.

Likewise, it is also important for the heirs to conduct a thorough search of the deceased’s estate if they have any suspicions that the executor or administrator is or has not satisfied their due diligence in identifying the complete picture of the deceased’s assets.

Asset Searches Plus, Inc., for example, located at www.assetsearchesplus.com, is a professional asset search company that is owned and operated by attorneys who have the requisite expertise in conducting comprehensive assets search. Having direct access to over 30 billion documents from public, government, and other integrated databases, the search report will cover the following items and be prepared and forwarded to our clients in one to three business days:

a) The subject’s full name and address;

b) Real estate;

c) Motor vehicles;

d) Watercraft;

e) FAA certifications and aircrafts;

f) Professional licenses;

g) Bankruptcy;

h) Federal and State Tax Liens;

i) Judgments;

j) UCC filings;

k) Corporate entities associated with the subject;

l) Trusts;

m) Trademarks and patents; and

n) Present and Prior Employment information.

For a cost of only $ 185.00 for a nationwide asset and liability search with a turnaround time of one (1) to three (3) days, conducting an asset search should be the first step when probating any estate.